Deadline extended again in Madison Theater negotiations

PEORIA — A deadline for negotiations about a possible sale of the Madison Theater has received another encore. But the house lights might be turned up after that.

The new target date for the end of purchase talks is Sept. 5, according to Assistant City Manager Chris Setti. This represents the third deadline extension for deliberations between Peoria-based NXG Developments and the Comfort family trust, the owner of the historic theater at 502 Main St.

“Negotiations continue,” said Setti, who had no additional comment.

Also not commenting on negotiations was J.D. Comfort, a trust representative. There is a confidentiality agreement regarding some aspects of the discussions.

Comfort did say another extension is unlikely.

“This would be the last one,” he said. “I don’t think the city is going to extend it, and we certainly wouldn’t. But we’re not at that point.”

A telephone message left for NXG partner Katie Arnholt Kim went unreturned.

NXG and the Comforts have been talking since February about new uses for the Madison, which opened in 1920 but has been closed for about 12 years. The city is an intermediary.

The initial negotiating period was 90 days. Once that deadline passed, it was extended to June 13. Another extension expired in mid-August.

The former motion-picture theater and concert venue in Downtown Peoria might revert to some of its former purposes or be used for another one, Arnholt Kim has said.

Adjacent retail space along Main Street is part of the proposed sale. So is construction of a multistory, mixed-use structure atop a city-owned parking lot at Hamilton Boulevard and Madison Avenue, next door to the theater.

Office and residential space are among possible uses for the new structure, Arnholt Kim has said.

Nick Vlahos can be reached at 686-3285 or nvlahos@pjstar.com. Follow him on Twitter @VlahosNick.